Latest news with #PropertyCouncilofAustralia
West Australian
3 days ago
- Business
- West Australian
Australia's housing crisis worsens as apartment approvals hit new low
Australia's housing crisis has taken another grim turn, with the latest data revealing a sharp drop in apartment approvals, sparking renewed warnings the country is falling well short of its ambitious new home targets. According to the Australian Bureau of Statistics (ABS), total dwelling approvals fell by 5.7 per cent in April to 14,633 homes. The decline was driven almost entirely by a 19 per cent plunge in apartment and other medium-to-high density dwelling approvals, continuing a steep downward trend in March. In contrast, private sector house approvals rose by 3.1 per cent, fuelled largely by increases in NSW and Queensland, but experts say this is nowhere near enough to meet Australia's long-term housing targets. The Property Council of Australia said governments needed to 'step up'. Matthew Kandelaars, the council's group executive for policy and advocacy, said 5612 apartments were approved across March and April. 'This is a far cry from the 15,029 greenlit during March and April in the apartment boom of 2016,' Mr Kandelaars said. The federal government has committed to building 1.2 million new homes by 2029, a goal that requires monthly approvals to top 20,000 dwellings, a benchmark that has now been missed again. 'Even with approval in hand, it can take years for a project to start construction, held back by a tight labour market, high construction costs and complicated planning systems,' Mr Kandelaars said. 'We will not meet our housing targets without the heavy lifting that needs to come from apartments that can deliver homes at scale close to transport, existing infrastructure and amenities.' In original terms, just 2539 apartments were approved in April, down from 3073 in March. Combined, this is nearly 3000 fewer units than were approved across January and February. The Property Council is now urging state and territory governments to urgently streamline planning systems and cut red tape to reverse the downward spiral. 'Despite a welcome and ambitious target and hard work through the last term of the federal parliament, for many Australians, the dream of home ownership is increasingly unaffordable or completely out of reach,' Mr Kandelaars said. 'State and territory governments need to step up. Planning is key to delivering more homes, and our approvals data shows that the current systems are not working. More must be done to cut red tape and streamline our planning systems to remove uncertainty. 'The dream of home ownership is increasingly unaffordable or completely out of reach.' Meanwhile, the total value of residential building approvals also fell in April, down 1.3 per cent to $8.91bn, while the value of non-residential building surged to its second-highest level on record. As the gap between what's needed and what's being delivered continues to grow, housing industry leaders are sounding the alarm that without urgent reform, Australia's worsening housing affordability crisis may soon reach a tipping point.
West Australian
3 days ago
- Business
- West Australian
Apartment approvals slide depresses total number of houses signed off in April, ABS data shows
A steep fall in demand for apartments depressed the total number of dwellings approved in April, with industry warning the numbers will need to pick up to meet housing targets. Fresh data from the Australian Bureau of Statistics showed private attached dwellings fell 19 per cent to 4999 — the weakest result since September 2024 — on the back of a 'normalisation' in apartment approvals. The total number of new dwellings approved fell 5.7 per cent to 14,633, according to the seasonally adjusted data released on Friday. NSW (-7.8 per cent) and Victoria (-6.5 per cent) had the steepest falls for total dwelling approvals, while Tasmania (12.7 per cent), WA (9.6 per cent) and South Australia (9.5 per cent) continued to gain. Oxford Economics Australia lead economist Maree Kilroy said the fallback in apartments was not a shock. 'We have been expecting a normalisation from the strong start to the year,' she said. But the Property Council of Australia warned apartment approval numbers needed to pick up. 'While apartment approval numbers are volatile, this is two months in a row of significant falls,' said Matthew Kandelaars, the group's executive of policy and advocacy, said. 'Just 5612 apartments were approved in March and April. This is a far cry from the 15,029 green-lit during March and April in the apartment boom of 2016. 'We will not meet our housing targets without the heavy lifting that needs to come from apartments that can deliver homes at scale close to transport, existing infrastructure and amenities. Australia must build more than 20,000 homes each month to reach the Federal Government's National Housing Accord target of 1.2 million new homes by 2029. The ABS showed a different story for national private house approvals, which gained 3.1 per cent to 9349 off the soft result in March. NSW and Queensland drove the gains, while other major States held relatively flat. Ms Kilroy said a number of policy supports for housing — including social housing stimulus and low deposit loans — were in place and would help to boost supply. However, she said it would take time to reflect in dwelling approvals figures. 'Additional support is likely from the RBA,' she said. 'Two more cash rate cuts are forecast before the end of the year that will further support mortgage affordability and project feasibilities. However, it usually takes about year for lower mortgage interest rates to support approval volumes.'
The Advertiser
6 days ago
- Business
- The Advertiser
Stamp duty exemption plan reheated for first homebuyers
Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million. Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million. Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million. Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million.
West Australian
6 days ago
- Business
- West Australian
Stamp duty exemption plan reheated for first homebuyers
Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million.
Perth Now
6 days ago
- Business
- Perth Now
Stamp duty exemption plan reheated for first homebuyers
Stamp duty would be scrapped for first homebuyers spending up to $1 million under a state election pitch that creates a $1 billion budget shortfall. In his budget reply speech, Victorian shadow treasurer James Newbury unveiled a policy to lift the stamp duty exemption for first homebuyers to $1 million with "no conditions, no catches". First homebuyers in the state are only exempt from paying stamp duty on properties valued $600,000 or less and receive a concession on purchases between $600,001 and $750,000. Those thresholds have remained unchanged since 2017. A first homebuyer purchasing a $1 million Victorian home would save $55,000 under the change, a centrepiece of Mr Newbury's "Go for Growth" plan that echoed a slogan from John Howard's failed 2007 election campaign. Crucially, they would have to pay the full stamp duty amount if the price rises above the threshold by a dollar. The policy, which applies to all new and established homes and off-the-plan builds, hinges on the coalition winning the next state election in November 2026. Mr Newbury said the move would deliver about 17,000 exemptions in its first year and cost $1.09 billion over four years. He refused to release the parliamentary budget office's cost modelling of the policy or explain where the coalition would find the money to pay for it until closer to the election. "If we were to give you the costing on one policy, it would foreshadow the other commitments we're going to make," Mr Newbury told reporters. It is the fifth tax change the state coalition has committed to after vowing to repeal the schools payroll tax, GP tax, short-stay levy and expanded fire services levy. The coalition took the same stamp duty policy to the 2022 state election. It has not raised the $1 million threshold to account for rising house prices over the past two and a half years. "It's absolutely long overdue that they are elevated," Property Council of Australia's Victorian executive director Cath Evans said. The Victorian budget on May 20 extended the stamp duty exemption for all buyers of off-the-plan developments to October 2026 at a cost of $61 million. There were no other tax concessions to help first homebuyers crack into the market, although the state Labor government is overhauling planning rules to build more higher density housing and townhouses. Speaking at a Property Council breakfast, Treasurer Jaclyn Symes was skeptical of the opposition's counter offer. "When you create a policy that has a financial impact, the obviously question is what services, what hospitals will suffer as a consequence," she said. Stamp duty was forecast to rake in $9.2 billion in revenue for Victoria this financial year. In 2023, NSW repealed an option for first homebuyers to pay an annual land tax instead of stamp duty on homes valued up to $1.5 million. It was replaced with a scheme that raised stamp duty exemptions from $650,000 to $800,000 and concessions from $800,000 to $1 million.
